What changed
RBI has decided to withdraw ₹2000 denomination banknotes from circulation, effective immediately. Banks must stop issuing these notes, and ATMs must be reconfigured. The public can deposit or exchange ₹2000 notes at banks until September 30, 2023, with exchange limited to ₹20,000 per transaction.
What it means for you
Banks need to halt all issuance of ₹2000 notes and reclassify chest balances as unfit for dispatch to RBI. They must facilitate deposit and exchange for customers, with special arrangements for senior citizens, disabled persons, and women. This move aligns with RBI's Clean Note Policy and aims to phase out notes that are no longer commonly used.
What you must do
- Stop issuing ₹2000 denomination banknotes immediately and reconfigure ATMs/Cash Recyclers accordingly.
- Ensure currency chests do not allow withdrawal of ₹2000 notes; classify all balances as unfit and prepare for dispatch to RBI.
- Sort all ₹2000 notes received via NSMs for genuineness and deposit in chests or dispatch to RBI.
- Provide deposit and exchange facilities to the public up to September 30, 2023, with exchange limit of ₹20,000 per transaction.
- Make special arrangements for senior citizens, disabled persons, and women, and consider mobile vans for remote areas.
Who it affects
All banks and their branches, Currency chest operators, Business Correspondents, ATMs and Cash Recycler operators, Public holding ₹2000 notes
Can customers still use ₹2000 notes for transactions?
Yes, ₹2000 notes remain legal tender, so they can be used for payments. However, RBI encourages depositing or exchanging them at banks by September 30, 2023.
What is the exchange limit for ₹2000 notes at bank branches?
Banks can exchange up to ₹20,000 worth of ₹2000 notes per transaction. For Business Correspondents, the limit is ₹4,000 per day per account holder.
Are there any restrictions on depositing ₹2000 notes?
No, deposits can be made in the usual manner without restrictions, subject to KYC norms and applicable statutory requirements like CTR and STR.